Overview

• BTC was the clear focus of the week. Early posts described a short squeeze that quickly turned into crowded longs as price pushed back above 69k and then 70k, while perpetual funding rose from roughly +19-38 bps to +55-71 bps and OI expanded toward roughly $6.6B.
• Midweek, the BTC derivatives structure reset sharply: funding dropped from +70.73 bps to near flat and briefly negative, predicted funding turned negative in some reads, OI fell back toward roughly $6.25B-$6.30B, and long liquidations became dominant.
• Later BTC posts showed another push into the 71.6k-71.9k area, but the read stayed cautious because funding reheated to around +60.2 bps while OI only rose modestly, suggesting squeeze/overheat risk rather than a clean trend expansion.
• Outside BTC, the channel logged:
  • AAVEUSD CM perpetual long: +7.34%
  • BTCUSDC perpetual short: +3.05%
  • UNH: bought 282, sold 305
  • ANET revisit: “141 now”
  • QQQ: caution to trim some exposure into strength

Key Themes

• BTC perp structure led the analysis. Most posts centered on the interaction between funding, OI, liquidations, and price acceptance.
• Regime changes were the main story:

short squeeze → crowded longs → deleveraging/reset → renewed squeeze risk

• Several posts highlighted a split between derivatives heat and broader sentiment, with Fear & Greed at 11-13 (Extreme Fear) even as perpetual funding became very elevated.
• A Glassnode summary added a larger structural caution:
  • overhead supply concentrated in the 80k-126k zone
  • Total Supply in Loss ~8.4M BTC
  • LTH Realized Loss ~\$200M/day
  • a cooler <\$25M/day level was cited as a better bottoming threshold
• Process/tooling also mattered this week: a new aggregate spot CVD view was added to compare multi-exchange flow vs Binance-only flow, with the claim that aggregate data better exposed a local top/absorption pattern.

Notable Posts

• BTC above 69k acceptance: one chart post said BTC finally looked “accepted” above 69k, followed soon after by a note that it had already pushed through 70k.
• Glassnode: “No Catalyst, No Range Break”

The post argued the key constraint was not just weak demand, but heavy overhead supply, with concrete on-chain markers for whether bottoming/re-accumulation is actually progressing.

• AAVE trade screenshot (2026-04-07 21:09:44):

AAVEUSD CM perpetual, buy, 2x, +7.34% Open: 86.519 | Avg close: 89.814

• CVD tool update + BTC short setup:

A post introduced an aggregate CVD mode on cvdd.kljsandjb.me, showing side-by-side charts of aggregate flow vs Binance-only flow and arguing the aggregate view better showed buyer absorption after a three-drive pattern.

• BTC short screenshot (2026-04-08 15:38:12):

BTCUSDC perpetual, short, 3x, +3.05% Entry: 71,775.4 | Latest: 71,089.4

• Other trade/risk notes:
  • UNH: “282 bought, 305 sold”
  • ANET: revisited with “141 now” and a note that news was only the catalyst, while technicals were the key
  • QQQ: warning not to get too greedy at a key area and to consider raising some cash

Watchlist

• BTC funding/OI combo: whether funding can cool from elevated levels without price losing key support, or whether another high-funding crowded-long setup forms.
• BTC levels repeatedly referenced in posts:

68.2k-68.3k, 69k-70.3k, and the higher 71k-72.5k area.

• Liquidation bias: whether the next move is led by long flushes or another short squeeze.
• Spot absorption / CVD: especially whether aggregate spot CVD continues to show absorption or divergence that Binance-only flow misses.
• Structural BTC confirmation: whether stronger spot demand appears alongside improvement in the Glassnode markers, rather than relying only on perp-driven rallies.
• Equity names mentioned: follow-through in ANET, and whether QQQ holds up after the call to de-risk into strength.